Jupiter Mines Limited Mt Ida Magnetite Project Phase 1 Drilling Program Complete JUPITER MINES LIMITED ABN 51 105 991 740 ASX Release 14 December 2010 JUPITER MINES LTD Level 2, 72 Kings Park Rd West Perth Western Australia 6005 Tel: +61 8 9346 5500 Fax: +61 8 9481 5933 Contacts: Greg Durack Robert Benussi Email: info@jupitermines.com Key Points The RC drilling program on the Mt Ida Central Area has been completed, with a total of 11 898 metres drilled from 46 holes, all of which intersected magnetite mineralisation Assaying and Davis Tube Recovery (DTR) test work on the first 29 holes gave average weight recoveries of 43% and concentrate grades up to 71% Fe. Contaminant levels in the magnetite concentrate are very low A conceptual mineralisation model of the Central Area has been generated, showing six magnetite lodes Mineralisation is open to the north and south of the tested Central Area A maiden Inferred Resource Statement is expected in the second half of January A Scoping Study is in progress and expected to be complete in the second half of January The program planned for 2011 should increase the Inferred resource through drilling in the Southern and Northern Areas, while advancing the Central Area to Measured and Indicated status The results so far suggest a substantial magnetite project at Mt Ida. For the Latest News: www.jupitermines.com Directors/Officers Brian Gilbertson Paul Murray Andrew Bell Priyank Thapliyal Sun Moon Woo Greg Durack Robert Benussi Charles Guy Central Area Southern Area Issued Capital: Shares: 1,341,894,702 Deferred Shares: 262,255,799 Unlisted Opts: 10,100,000 ASX Symbol: JMS Currently Exploring for: Iron Ore Manganese Figure 1 Mt Ida 3D Aeromagnetic and eptual Exploration Target Area The potential quantity and grade of the Mt Ida Project is conceptual in nature and there has been insufficient drilling to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Jupiter Mines Limited (ASX:JMS) is pleased to announce that the drill program testing the Central Area of the Mt Ida Magnetite Project is now complete. An update on the exploration program follows.
Jupiter has previously announced a conceptual exploration target of between 1.1 to 1.3 billion tonnes for magnetite at Mt Ida, with an expected grade of between 30 to 40% Fe (Figure 1). The conceptual target has a length of approximately 7.5 km, and the initial drill program to test the potential of the magnetite at Mt Ida focussed on the Central Area which has a length of 2.2 km (Attachment 1). The RC drill program commenced in late July and was completed at the end of November with a total of 11 898 metres drilled over 46 holes. Assay and DTR results are available from 29 of the 46 holes completed (Attachment 2). The DTR weight recoveries average 43%, with concentrate grades up to 71% Fe and very low levels of contaminants. The best result was in hole 10MIRC008 which intersected 243 metres of magnetite with an average head grade of 34.8% Fe, a weight recovery of 40.2%, and concentrate grade of 70.3% Fe (Figure 3). Mineralisation at central Ida has been intercepted down to 300 metres. The magnetite BIF units at Mt Ida plunge at approximately 20 degrees to the NNE with a dip of 30-40 degrees to the ENE. Modelling of these units from the drill data has delineated a series of six magnetite BIF lodes in the Central Area (Figure 2). Regional folding over the project has resulted in localised crustal thickening of the BIF units with the axial plane of this folding also trending NNE. Oxide mineralisation is usually present from surface down to a depth of 50 metres and is dominated by hematite, goethite and magnetite. The magnetite mineralisation is in the main six lodes and extends from 50 to 250 metres in depth. Figure 2 - eptual Magnetite Mineralisation in the Central Area at Mt Ida The potential quantity and grade of the Mt Ida Project is conceptual in nature and there has been insufficient drilling to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
The assaying and DTR test work is expected to be completed by the end of December, where after modelling will be undertaken by SRK to generate a maiden JORC inferred resource. A Scoping Study is due for completion in January 2011, and subject to Board approval, the next drilling program will focus on bringing this Central Area up to Measured and Indicated status, and increasing the Inferred resource by drilling the Southern and Northern Areas. A Prefeasibility Study should be completed late in 2011. The results so far suggest a significant resource and consequently a substantial magnetite project at Mt Ida. Yours faithfully Jupiter Mines Limited Greg Durack Chief Executive Officer eptual Target Statement Mr Darryl Mapleson who is a member of the Australasian Institute of Mining and Metallurgy has compiled the information within this report that relates to mineralisation. Mr Mapleson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which it appears in this report. Exploration Manager: Charles William Guy Competent Person The information in this announcement that relates to Exploration Results is based on information compiled by Mr Charles William Guy who is a Member of the Australian Institute of Geoscientists and a full- time employee of Jupiter Mines Limited. Charles William Guy has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Charles William Guy consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears Charles William Guy holds the position of Exploration Manager with Jupiter Mines Limited. The potential quantity and grade of the Mt Ida Project is conceptual in nature and there has been insufficient drilling to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Figure 3 eptual Long Section looking west
Attachment 1 - Mt Ida Drill Hole Location Map Note: - Long section based on drill data received to date with geological interpretation
Attachment 2 - Significant Intercept Table Mt Ida Magnetite Project DAVIS TUBE RECOVERY PRODUCT Fe Weight Fe Al2O3 P S SiO2 LOI From To Thickness Hole ID Head Recovery (m) (m) (m) 10MIRC001 26 90 64 39.21 48.90 68.02 0.055 0.011 0.015 5.16-2.81 10MIRC001 99 190 91 34.05 52.96 59.70 0.022 0.026 0.695 14.46-2.21 10MIRC001 215 223 8 30.34 41.93 63.66 0.095 0.031 0.116 10.54-2.70 10MIRC001 247 263 16 31.72 41.44 68.85 0.085 0.014 0.052 3.69-2.97 10MIRC002 25 55 30 34.40 18.54 63.81 0.035 0.018 0.002 9.25-0.81 10MIRC002 124 192 68 34.34 52.46 61.67 0.042 0.022 0.041 12.52-1.46 10MIRC002 235 266 31 29.98 39.70 66.31 0.058 0.015 0.114 5.99-1.22 10MIRC003 10 41 31 32.98 19.09 62.85 0.035 0.022 0.005 10.72-0.81 10MIRC003 83 169 86 33.37 46.35 66.11 0.060 0.014 0.007 8.00-3.02 10MIRC003 180 255 75 34.88 47.95 67.12 0.021 0.013 0.004 6.68-3.05 10MIRC004 5 30 25 32.31 15.84 58.55 0.088 0.028 0.011 16.87-0.97 10MIRC004 55 212 157 34.49 48.88 63.23 0.046 0.018 0.003 11.98-2.81 10MIRC004 229 254 25 31.69 42.05 68.79 0.117 0.015 0.015 3.81-3.01 10MIRC005 84 132 48 31.37 40.90 68.45 0.043 0.011 0.006 4.81-3.07 10MIRC005 150 158 8 26.51 36.13 64.19 0.048 0.032 0.209 10.05-3.06 10MIRC005 167 231 64 30.02 39.53 68.18 0.036 0.012 0.372 4.35-3.17 10MIRC005 258 268 10 25.84 33.96 64.98 0.080 0.029 0.158 8.95-3.10 10MIRC006 67 117 50 34.58 44.76 68.31 0.029 0.011 0.010 5.06-3.06 10MIRC006 157 164 7 25.99 33.48 65.57 0.080 0.024 0.042 8.53-3.05 10MIRC006 183 213 30 28.99 37.81 68.86 0.077 0.011 0.016 4.28-3.23 10MIRC006 225 233 8 25.35 27.13 65.09 0.280 0.032 0.119 7.99-2.36 10MIRC007 48 63 15 34.96 30.84 68.49 0.065 0.008 0.003 3.38-1.55 10MIRC007 91 103 12 33.24 45.18 69.33 0.075 0.009 0.022 3.68-3.32 10MIRC007 112 137 25 30.93 42.89 67.37 0.034 0.014 0.068 6.10-3.08 10MIRC007 175 247 72 31.12 43.72 65.17 0.053 0.018 0.013 9.05-2.87 10MIRC007 274 280 6 26.07 33.45 64.02 0.070 0.036 0.317 9.13-2.47 10MIRC008 30 273 243 34.79 40.24 70.34 <BLD 0.011 0.016 2.20-3.07 10MIRC009 31 149 118 33.44 43.23 67.87 0.030 0.012 0.091 5.56-3.15 10MIRC009 169 241 72 31.92 41.51 69.12 0.059 0.009 0.143 3.49-3.15 10MIRC010 35 175 140 32.23 40.53 69.50 0.013 0.011 0.023 3.34-3.10 10MIRC010 247 300 53 28.20 32.11 66.51 0.058 0.015 1.276 4.09-2.89 10MIRC011 41 175 134 30.61 40.53 64.60 0.038 0.020 0.034 9.91-2.81 10MIRC012 49 98 49 35.13 39.09 71.19 0.010 0.005 0.006 1.21-3.14 10MIRC012 205 259 54 33.01 42.91 68.70 0.018 0.010 0.144 4.25-3.03 10MIRC012 290 310 20 30.28 36.69 67.69 0.030 0.009 0.806 3.93-2.91 10MIRC013 58 84 26 34.69 48.21 68.22 0.045 0.011 0.021 5.13-2.87 10MIRC013 96 175 79 29.65 42.98 63.55 0.068 0.018 0.303 10.56-2.56 10MIRC013 224 280 56 31.68 43.68 67.89 0.055 0.011 0.076 5.38-2.96 10MIRC014 78 200 122 33.48 41.62 69.40 0.085 0.010 0.007 3.68-3.19 10MIRC014 201 302 101 35.08 43.00 68.71 0.010 0.010 0.034 4.33-3.10 10MIRC015 15 30 15 31.39 12.22 66.01 0.057 0.017 0.009 6.62-1.31 10MIRC015 95 265 170 34.06 47.24 67.03 0.029 0.015 0.031 6.53-2.86 10MIRC016 110 118 8 35.65 45.57 63.95 1.145 0.035 0.014 8.75-2.57 10MIRC016 130 195 65 38.93 50.00 68.16 0.338 0.014 0.007 4.67-3.01
Attachment 2 continued - Significant Intercept Table Mt Ida Magnetite Project DAVIS TUBE RECOVERY PRODUCT Hole ID From (m) To (m) Thickness (m) Fe Head Weight Recovery Fe Al2O3 P S SiO2 LOI 10MIRC016 203 232 29 32.46 43.48 70.23 0.052 0.012 0.012 2.44-3.23 10MIRC017 40 55 15 33.93 30.81 64.41 0.085 0.012 0.002 9.62-2.08 10MIRC017 136 220 84 34.55 46.53 68.61 0.064 0.012 0.013 4.72-3.31 10MIRC018 Not Sampled 10MIRC021 94 207 113 34.41 50.20 63.95 0.074 0.017 0.125 10.89-3.05 10MIRC021 264 277 13 34.50 41.94 68.32 0.633 0.016 0.665 3.03-3.53 10MIRC022 69 103 34 34.05 47.86 65.42 0.074 0.013 0.027 9.12-3.25 10MIRC022 135 145 10 33.05 48.64 63.57 0.030 0.023 0.025 11.80-3.19 10MIRC022 147 179 32 32.88 48.32 64.70 0.025 0.017 0.108 9.79-3.11 10MIRC022 226 237 11 29.06 47.00 57.03 0.020 0.039 0.238 19.95-2.70 10MIRC022 260 306 46 31.53 46.20 64.15 0.035 0.019 0.120 10.18-2.70 10MIRC023 69 103 34 34.58 40.93 71.30 0.020 0.005 0.007 1.32-3.41 10MIRC023 214 267 53 32.76 43.58 69.33 <BLD 0.011 0.060 3.79-3.28 10MIRC024 80 135 55 36.19 36.05 70.52 0.143 0.007 0.002 2.23-3.26 10MIRC024 154 186 32 36.88 35.66 69.84 0.040 0.007 0.003 3.24-3.35 10MIRC024 233 274 41 34.37 46.34 66.75 0.064 0.014 0.037 7.22-3.05 10MIRC025 45 124 79 32.50 31.82 70.20 0.031 0.006 0.002 2.78-3.32 10MIRC025 196 248 52 32.31 44.84 66.67 0.061 0.015 0.038 7.47-3.18 10MIRC026 57 158 101 40.71 48.62 70.77 0.241 0.006 0.004 1.68-3.13 10MIRC026 233 245 12 31.30 40.21 70.08 0.045 0.008 0.006 2.86-3.32 10MIRC028 15 20 5 31.39 14.26 69.04 0.150 0.011 0.004 2.00-0.96 10MIRC028 116 170 54 36.63 50.32 69.62 0.045 0.009 0.007 3.36-3.24 10MIRC029 41 113 72 33.94 44.57 68.13 0.057 0.014 0.061 5.28-3.14 10MIRC029 168 194 26 28.87 34.34 64.86 0.170 0.019 1.368 5.95-2.78 10MIRC032 20 30 10 37.83 20.18 65.34 0.015 0.036 0.013 6.89-0.49 10MIRC032 40 53 13 36.79 14.80 64.98 0.000 0.016 0.004 7.31-0.32 10MIRC032 82 90 8 37.07 44.57 69.96 0.300 0.004 0.010 2.64-3.13 10MIRC032 99 165 66 35.39 42.02 69.93 0.033 0.006 0.003 3.12-3.29 10MIRC032 186 196 10 29.83 37.40 70.49 0.010 0.006 0.007 2.44-3.39 10MIRC033 40 70 30 35.46 43.23 70.31 <BLD 0.006 0.002 2.75-3.41 10MIRC033 102 114 12 32.19 40.86 70.69 0.119 0.006 0.011 1.79-3.12 10MIRC033 140 157 17 32.20 42.00 69.50 <BLD 0.012 0.044 3.88-3.52 Sample analyses by x-ray Fluorescence Spectrometry (XRF) at ALS Chemex in Perth Loss On Ignition (LOI) values were determined using Thermo-gravimetric Analyses at 1000 c 5 metre composite samples used for DTR with XRF assays Intersections have been calculated using 25% Fe lower cut-off grade Maximum Internal dilution up to 7m BLD below limited of Detection Weighted averages were used to calculated weight recoveries 42.6%of significant intercepted
Attachment 3 - Drill Holes Collars HOLE ID MGA E MGA N RL DEPTH Metres DIP 10MIRC001 248970.518 6765011.674 521 300.000-90 10MIRC002 248829.011 6765021.799 528 320.000-90 10MIRC003 248695.855 6765020.932 531 298.000-90 10MIRC004 248599.904 6765026.677 534 264.000-90 10MIRC005 248998.415 6766029.529 524 280.000-90 10MIRC006 248897.769 6766102.679 528 252.000-90 10MIRC007 249102.430 6765955.306 522 320.000-90 10MIRC008 248651.335 6764666.936 530 288.000-90 10MIRC009 248815.783 6764621.118 526 282.000-90 10MIRC010 248543.348 6764325.724 546 306.000-90 10MIRC011 248756.459 6764453.888 534 258.000-90 10MIRC012 248515.304 6764565.569 540 320.000-90 10MIRC013 248873.951 6764768.075 524 294.000-90 10MIRC014 248661.516 6764828.953 534 312.000-90 10MIRC015 248799.283 6764920.253 529 276.000-90 10MIRC016 248573.522 6765142.477 533 282.000-90 10MIRC017 248722.234 6765153.366 525 264.000-90 10MIRC018 248815.218 6765145.119 523 120.000-90 10MIRC019 248939.512 6765146.033 518 252.000-90 10MIRC020 250216.186 6761004.855 474 60.000-90 10MIRC021 249128.711 6764994.920 513 288.000-90 10MIRC022 249077.688 6764891.405 518 318.000-90 10MIRC023 248498.034 6764717.262 534 294.000-90 10MIRC024 248411.532 6764914.158 545 282.000-90 10MIRC025 248378.400 6764759.262 538 264.000-90 10MIRC026 248401.905 6765016.422 546 252.000-90 10MIRC027 248442.826 6765201.929 541 252.000-90 10MIRC028 248457.909 6765457.230 526 246.000-90 10MIRC029 248802.849 6765290.818 519 240.000-90 10MIRC030 248725.289 6765564.263 522 222.000-90 10MIRC031 248591.258 6765640.950 526 240.000-90 10MIRC032 248293.542 6765289.919 539 250.000-90 10MIRC033 248115.397 6765332.457 534 252.000-90 10MIRC034 248021.527 6765109.350 547 252.000-90 10MIRC035 248228.636 6764944.022 549 252.000-90 10MIRC036 248252.093 6764172.661 573 264.000-90 10MIRC037 248423.201 6764139.127 556 258.000-90 10MIRC038 248295.325 6764000.101 571 252.000-90 10MIRC039 248566.449 6765352.335 530 234.000-90 10MIRC040 248684.944 6764147.648 543 228.000-90 10MIRC041 248996.086 6765807.753 531 234.000-90 10MIRC042 248899.737 6765852.646 532 225.000-90 10MIRC043 249099.618 6765730.449 531 246.000-90 10MIRC044 248881.073 6765487.805 531 228.000-90 10MIRC045 248504.418 6764086.397 550 246.000-90 10MIRC046 249028.476 6765472.379 529 231.000-90 MGA ZONE 51 All holes vertical Hole 10MIRC018 abandoned